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Mark Rothko

Trial over gallery's fake paintings ends with settlement

A civil trial exposing the ugly underbelly of New York's art world ended with a settlement just as the once highly respected president of a gallery was to testify Wednesday about selling forged fakes of modern masters for millions of dollars.

The settlement — terms of which were not disclosed — was reached late Tuesday in time for jurors to be notified there was no need to return to Manhattan federal court.

Witnesses over two weeks said the final years of a gallery more than 150 years old invited a scandal that shook the dignity of one of its wealthy clientele's favorite playgrounds.

Knoedler & Company gallery closed in 2011 and ever since has defended...